It's time that we called in the Seals
To take-out a moron who steals
Zero Tarp Thirty
A bailout so dirty
The Master of all shady deals
The Limerick King
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Federal Reserve Chairman Ben Bernanke’s efforts to rescue the economy could result in more than a half trillion dollars of losses on the central bank’s books if interest rates rise abruptly from recent levels.
That sum is the difference between the value of securities in the Fed’s portfolio on Dec. 31 and what they may fetch in three years, according to data compiled by MSCI Inc. (MSCI) of New York for Bloomberg News. MSCI applied scenarios devised by the Fed itself for stress-testing the nation’s 19 largest banks.
The potential losses are unprecedented in the Fed’s 100- year history. Bernanke began describing in detail the risk of lower payments to taxpayers for the first time today in his monetary policy testimony before the Senate Banking Committee saying that “remittances to the Treasury could be quite low for a time” if interest rates “were to rise quickly.” Bernanke didn’t describe the overall interest-rate risk to the portfolio or potential mark-to-market losses. He said the Fed is “confident” it has tools to tighten monetary policy.
John Paulson, a lifelong New Yorker, is exploring a move to Puerto Rico, where a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds, according to four people who have spoken to him about a possible relocation.
Ten wealthy Americans have already taken advantage of the year-old Puerto Rican law that lets new residents pay no local or U.S. federal taxes on capital gains, according to Alberto Baco Bague, Secretary of Economic Development and Commerce of Puerto Rico. The marginal tax rate for affluent New Yorkers can exceed 50 percent on ordinary income.
Photo Break - Lloyd Blankfein Fat Bottomed Girl
Back to the Links
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Snow Sculpture Contest (AMAZING Photos) (No joke, these are really good...)
AIPAC: Israel ups Iran war rhetoric in push for US aid.
Explicit warnings of military action against Iran are coming in hot and heavy at the American Israel Public Affairs Committee conference in Washington. Israel's most ardent supporters are pushing for greater U.S. backing.
Shep Smith & Judge Napolitano rip Obama on drone kills.
After the government killed radical Islamist preacher Anwar Al-Awlaki, an American citizen, with a drone strike in Yemen, his 16-year-old son was also killed. "You know what they said? They said he picked a bad father. Are you kidding me?"
Rand Paul is a constitutional hero.
The Young Turks show their support for Rand.
Key question begins at 3:25 mark.
Rand Paul discusses drone strikes with Greta Van Susteren.